Popeye's Fried Chicken just took out an 8 percent interest-onlyloan of $50,000 for three years. Payments are to be made at the endof each year. What is the amount of the payment that will be due atthe end of year 3?

answer

watching

167

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Beverley SmithLv2

28 Sep 2019

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

Related questions

Please explain well and show each step...

Prepare the AJEs that should be made on 09-30-13, the end of the accounting year, for each of the following situations. If no AJE is required, indicate ânone.â Assume the firm only makes AJEs at the end of the accounting year.

a) On July 1, 2013, the firm collected $18,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to an income statement account.

b) On February 1, 2013, the company borrowed $120,000 at 4%. The principle is due on February 1, 2017. The interest is due every six months and the first interest payment took place on August 1, 2013.

c) On June 1, 2011, the company borrowed $2,500,000 for five years at 3%. Interest is due and payable every quarter and the first interest payment took place on September 1, 2011. The principle is payable in five equal installments and the first principle payment took place on June 1, 2012.

d) On February 1, 2013 the firm paid $1,600 for an 8-month equipment rental. The journal entry to record the payment included a debit to a real account.

champagnewalrus220

Time Value of Money: Basics
Using Table 12A.1 and Table 12A.2 of this chapter, determine the answers to each of the following independent situations. (Round answers to the nearest whole number.)

(a) The future value in three years of $1,000 deposited today in a savings account with interest compounded annually at 8 percent.

(b) The present value of $5,000 to be received in five years, discounted at 10 percent.

(d) An initial investment of $14,904 is to be returned in eight equal annual payments. Determine the amount of each payment if the interest rate is 12 percent.

(e) A proposed investment will provide cash flows of $50,000, $10,000, and $7,000 at the end of Years 1, 2, and 3, respectively. Using a discount rate of 20 percent, determine the present value of these cash flows.

(f) Find the present value of an investment that will pay $7,000 at the end of Years 10, 11, and 12. Use a discount rate of 12 percent.

azuresnail171

1) Jeff's bank offers a 36-month Certificate of Deposit (CD)with an APR of 2.5%. If P = 4000 what is A(8)? (Round your answerto two decimal places.)

2) Jeff's bank offers a 36-month Certificate of Deposit (CD)with an APR of 2.75%.Whatprincipal P should be invested so that the account balanceis $3500 in three years? (Assume the interest is compoundedmonthly. Round your answer to two decimal places.)

3a) A finance company offers a promotion on $5000 loans. Theborrower does not have to make any payments for the first fouryears, however interest will continue to be charged to the loan at29.6% compounded continuously. What amount will be due at the endof the four year period, assuming no payments are made? (Round youranswer to the nearest cent.)
3b) If the promotion is extended an additional three years, and nopayments are made, what amount would be due? (Round your answer tothe nearest cent.)

4) The current i measured in amps in a certainelectronic circuit with a constant impressed voltage of 120 voltsis given by

i(t) = 3 â 2e^â13twhere t â¥ 0

is the number of seconds after the circuit is switched on.Determine the value of i as

t â â.

(This is called thesteady state current.)

i got these worng on my test and my teacher is refusing to goover them in class and i need to know what i did worng can anyonehelp me out these problems...thanks

periwinklespider148

Weekly leaderboard

Home

Homework Help 3,900,000

Accounting 580,000